Finance
The government has asked taxpayers to complete their income tax returns by July 31, 2023, to prevent the last-minute rush, as the deadline cannot be extended.
According to Finance Ministry sources, taxpayers should file their forms as soon as possible because, unlike last year, the July 31 deadline will not be extended.
Taxpayers must file returns for the fiscal years 2022-23, with the assessment year 2023-24.
More than 2 crore returns had been filed as of July 11, according to the Income Tax Department, compared to 2 crore returns filed as of July 20 last year.
“Our taxpayers have helped us reach the 2 crore milestone 9 days early this year, compared to the corresponding period in the preceding year, and we appreciate the effort! We urge those who haven’t filed ITR for AY 2023-24, to file their ITR at the earliest to avoid last minute rush,” the Income Tax Department had tweeted on July 11.
Last year, a total of 5.8 crore returns were filed, and the government anticipates that number would be significantly higher this year.
If income tax returns are filed beyond the deadline of July 31, 2023, the taxpayer would be fined Rs 5,000.
Source:IANS
